Because preferred stock dividends in arrears must be paid before common stock dividends, should they be considered

Question:

Because preferred stock dividends in arrears must be paid before dividends, should they be considered a liability and appear on the right- hand side of the balance sheet?
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...